| M Terms
: |
Manhole
|
An opening which permits access to the space between the
roof and the ceiling, or below the floor. |
Market study
|
A forecast of future demand for a certain type of real estate
project that includes an estimate of the square footage that
can be absorbed and the rents that can be charged. Also called
Marketability Study. |
Market Value
|
The price at which a seller is happy to sell and a buyer
is willing to buy. This assumes that there is sufficient activity
in the marketplace to generate enough buyers and sellers so
that neither party controls the price. |
Metes and Bounds
|
The boundary lines of land, with their terminal points and
angles, described by listing the compass directions and distances
of the boundaries. Originally, metes referred to distance
and bounds referred to direction. |
Mid-Rise
|
A building with between four and eight stories above ground
level although in a Central Business District, this might
extend to buildings up to twenty-five stories. |
Mixed-Use
|
Space within a building or project providing for more than
one use (i.e., a loft or apartment project with retail, an
apartment building with office space, an office building with
retail space). |
Mortgage
|
A written instrument creating an interest in real estate
and that provides security for the performance of a duty or
the payment of a debt. The borrower (i.e., mortgagor) retains
possession and use of the property. |
Mortgage Discharge Fee
|
A fee charged by some lending institutions for finalising
a loan. |
Mortgage Insurance
|
A policy that insures the lender against the borrower defaulting
on a loan. Most lenders generally require insurance when borrowing
more than 80% of the property value. |
Mortgage Offset
|
A non-interest earning account that is offset against a
home loan to reduce the total interest payable. |
Mortgagee
|
The lender in a mortgage agreement. |
Mortgagor
|
The borrower in a mortgage agreement. |